Connecticut Real Estate Market Has 'Best August Since 2007'

By Gary Jeanfaivre

While national statistics released last week put Connecticut sixth highest for number of foreclosures in September, a new report from The Warrren Group points to good news for the state's real estate market.

Sales activity in August was the highest its been since 2007 and the median price for a single-family home continued to climb for the 11th straight month. The data was released Oct. 9 by The Warren Group, a Massachusetts-based real estate firm and publisher. 

Number of Sales 

The Warren Group says a total of 2,893 single-family homes sold in August, up from 2,639 sales in August 2012. The firm also reports that this was the best August since 2007, when there were 3,726 sales. "It is also the second highest number of sales for a month all year, with the exception of July when there were 3,126 sales," the report states. "Year-to-date sales have increased 4 percent to 17,110, compared to 16,458 during the same period a year ago."

Median Sales Price

The median price of single-family homes statewide rose for the 11th straight month, The Warren Groups says. 

"The median price climbed to $285,000 in August, up almost 12 percent from $255,000 the same month last year. The median sale price for homes sold January through August also increased 9.5 percent to $265,000, up from $242,000 during the same period a year ago."

Strong Market, but Concerns Over Shutdown

“We’re already seeing how the seasonality affects the market, with sales dropping in August compared to July, and this will probably continue in the fall and winter months,” Timothy M. Warren Jr., The Warren Group CEO, said. “While the market has proved to be strong so far this year, there is much concern over how the government shutdown will impact the overall economy.”